In converting a to a partnership company, the loss on asset revaluation is?

Accounts - Principles of Accounts JAMB 2006

In converting a to a partnership company, the loss on asset revaluation is?

  • debited to the revaluation account
  • debited to the profit and loss account checkmark
  • credited to the revaluation account
  • credited to the profit and loss account

The correct answer is: B

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